Leasing a car can be a great way of getting into a brand new vehicle for a more affordable monthly price. You’ll need to pay one initial down payment, which is then followed by a set number of monthly installments for the duration of the lease. Because you’re effectively only renting the car (with certain pre-agreed conditions in place), rather than paying off its full value, the monthly payments can be surprisingly affordable.
In this regularly updated guide, we feature the best lease specials we’ve been able to find for this month. Our list includes a range of makes and model types, and focuses on what we rate as good deals overall, rather than simply the lowest prices.
Best Car Lease Deals in May 2024
- Benefits of Leasing a Car
- Drawbacks of Leasing a Car
- Lease Trends in 2024
- Best Lease Deals this Month
- How to Get the Best Car Lease Offers
Benefits of Leasing a Car
The primary benefit of leasing a car versus other forms of finance or car buying is that monthly payments are usually lower. That’s because a lease is structured so that you pay off the depreciation of the car during the lease period, rather than its total value as you would with a typical car loan.
Leasing can also offer more flexibility for those who like to upgrade their car on a more frequent basis (leases usually run between two and four years).
Some of the other benefits of leasing are tied into the fact you’re most likely getting a brand new car, rather than a used one. That means it’ll have new technology and safety features, and it shouldn’t require costly maintenance or repairs.
Drawbacks of Leasing a Car
When you lease a car, you don’t actually own it. That means you have to be prepared that, when the 24- or 36-month lease (or however long the term is) comes to an end, you won’t have a four-wheeled asset to show for it. Leases also have mileage limits that must be adhered to in order to avoid fines, and you need to keep the car in excellent condition; any excessive wear and tear could result in additional fees being charged when the lease comes to an end.
Lease Trends in 2024
Leasing trends can be influenced by numerous factors, from overall market conditions (for example higher interest rates or limited inventory) to a car brand’s product lifecycles. Although the industry is recovering, it’s fair to say that in 2024 there are still fewer lease deals than we’ve seen in years preceding the Covid-19 pandemic, as the industry continues to recover from disruptions caused by during the Covid years. For instance, battery-electric vehicles are exciting, but their newness also lends to higher prices for would-be lessees.
However, many automaker brands still have plenty in the way of offers to explore. While plenty of front-wheel-drive (FWD) sedans are available, we’ve also found many all-wheel-drive (AWD) crossovers and compact SUVs with great lease offers. In this guide we’ve picked out what we rate as the best lease deals this month.
Note that deals on this page may differ by location and are subject to withdrawal. Consult your local dealer for the best lease offers nearby.
Best Lease Deals this Month
2024 BMW i4
Lease monthly payment: $499.00
Duration of lease: 36 months
Money down required for lease: $4,979
Total Cost (based on the terms listed above): $22,943.00
Effective monthly payment (based on the terms listed above): $637.31
MSRP: $55,245
Expiration date for lease offer: 6/2/24
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2024 Kia Carnival
Lease monthly payment: $399.00
Duration of lease: 24 months
Money down required for lease: $3,499
Total Cost (based on the terms listed above): $13,075.00
Effective monthly payment (based on the terms listed above): $544.79
MSRP: $34,565
Expiration date for lease offer: 7/8/24
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2024 Kia Forte
Lease monthly payment: $189.00
Duration of lease: 24 months
Money down required for lease: $3,499
Total Cost (based on the terms listed above): $8,035.00
Effective monthly payment (based on the terms listed above): $334.79
MSRP: $21,645
Expiration date for lease offer: 7/8/24
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2024 Hyundai Ioniq 6
Lease monthly payment: $189.00
Duration of lease: 24 months
Money down required for lease: $1,999
Total Cost (based on the terms listed above): $6,535.00
Effective monthly payment (based on the terms listed above): $272.29
MSRP: $43,600
Expiration date for lease offer: 6/3/24
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2025 Kia K5
Lease monthly payment: $289.00
Duration of lease: 24 months
Money down required for lease: $3,499
Total Cost (based on the terms listed above): $10,435.00
Effective monthly payment (based on the terms listed above): $434.79
MSRP: $28,145
Expiration date for lease offer: 7/8/24
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2024 Kia Soul
Lease monthly payment: $219.00
Duration of lease: 24 months
Money down required for lease: $3,499
Total Cost (based on the terms listed above): $8,755.00
Effective monthly payment (based on the terms listed above): $364.79
MSRP: $21,565
Expiration date for lease offer: 7/8/24
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2024 Mercedes-Benz EQE
Lease monthly payment: $699.00
Duration of lease: 36 months
Money down required for lease: $6,843
Total Cost (based on the terms listed above): $32,007.00
Effective monthly payment (based on the terms listed above): $889.08
MSRP: $76,050
Expiration date for lease offer: 5/31/24
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2024 Nissan Altima
Lease monthly payment: $209.00
Duration of lease: 36 months
Money down required for lease: $4,049
Total Cost (based on the terms listed above): $11,573.00
Effective monthly payment (based on the terms listed above): $321.47
MSRP: $28,920
Expiration date for lease offer: 6/3/24
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2024 Nissan Leaf
Lease monthly payment: $189.00
Duration of lease: 36 months
Money down required for lease: $3,959
Total Cost (based on the terms listed above): $10,763.00
Effective monthly payment (based on the terms listed above): $298.97
MSRP: $29,810
Expiration date for lease offer: 6/3/24
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2024 Polestar 2
Lease monthly payment: $299.00
Duration of lease: 27 months
Money down required for lease: $3,299
Total Cost (based on the terms listed above): $11,372.00
Effective monthly payment (based on the terms listed above): $421.19
MSRP: $56,700
Expiration date for lease offer: 5/31/24
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How to Get the Best Car Lease Offers
Research Available Financing Options
Leasing is but one way of getting behind the wheel of a new car, and the fact is it’s not always the best fit for shoppers. As such, when looking at lease deals it’s also worth thinking about other forms of finance including bank loans, secured auto loans, or dealership loans. You’ll most likely find monthly costs are higher than with a lease, but that’s because you’re paying off the car's total value instead of only its depreciation. If you’re worried that your credit score might impact affordability, see our guide to buying a car with bad credit.
Leverage Trade-Ins and Additional Incentives
When thinking about leasing a car, it’s not just the MSRP or listing price that’s important. You should also consider the net cap cost, or how much the car is worth once you’ve negotiated with the dealer. This, along with your down payment, interest rates, and the duration of the lease term, is what will ultimately determine your monthly payments. However, there are other incentives associated with a lease that might work in your favor. For example, a dealer might offer to help with a contribution towards the down payment, adjust the mileage limit for no additional charge, tweak the interest rate for a lower monthly lease payment, or offer a preferential rate on your trade-in. These are all levers that could be pulled in order to win your business.